Latest news with #MohdAfzanizam
The Star
2 days ago
- Business
- The Star
Ringgit strengthens against US$, court pauses block on Trump-era tariffs
KUALA LUMPUR: The ringgit opened stronger against the US dollar today, boosted by improved investor confidence in emerging market currencies after a US court temporarily halted a decision to block most Trump-era import tariffs, an analyst said. At 8 am, the local note surged to 4.2180/2485 versus the greenback from Thursday's close of 4.2390/2475. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US Dollar Index (DXY) fell below the 100-point mark to 99.278 points after the US Court of Appeals for the Federal Circuit granted a reprieve from a US Court of International Trade ruling that would have blocked most Trump-era import tariffs on Wednesday (US time). Additionally, he said US economic data look weaker with Initial Jobless Claims rising more than expected to 240,000 last week against consensus estimates of 229,000 while the Continuous Jobless Claims accelerated to 1.91 million for the week ending May 17 from 1.89 million in the prior week. "Apart from that, the second estimate for the first quarter of 2025 US gross domestic product (GDP) contracted 0.2 per cent quarter-on-quarter seasonally adjusted annualised rate (SAAR), slightly better than the first estimate of -0.3 per cent but lower than the 2.4 per cent expansion in the previous quarter. "It appears that the US dollar weakening trend is likely to continue today, benefiting the ringgit," he told Bernama. Mohd Afzanizam said traders and investors will be looking at Personal Consumption Expenditure (PCE) inflation data. Consensus is pencilling the headline PCE and Core PCE at a moderate pace of 2.2 per cent and 2.5 per cent in April against 2.3 per cent and 2.6 per cent in the prior month. ALSO READ: Ringgit slips against US$ as Fed seen delaying rate cuts Therefore, the ringgit is expected to trend higher today, possibly around RM4.21 and RM4.22, owing to a weaker US dollar outlook, he added. At the opening, the ringgit traded mostly higher against a basket of major currencies. It is appreciated against the British pound to 5.6943/7355 from 5.7091/7205 from Thursday's close and gained vis-à-vis the euro to 4.7992/8339 from 4.7803/7899 previously. However, the local note declined against the Japanese yen to 2.9349/9563 from yesterday's close of 2.9188/9249. The local note was traded mostly higher against its ASEAN peers. It improved against the Singapore dollar to 3.2789/3031 from 3.2853/2921 on Thursday's close and inched up versus the Indonesian rupiah to 258.6/260.6 from 259.9/260.5 previously. The ringgit advanced vis-à-vis the Philippine peso at 7.56/7.62 from 7.60/7.62 at yesterday's close, but slid against the Thai baht to 12.9565/13.0590 from 12.9321/9647 previously. - Bernama
The Star
3 days ago
- Business
- The Star
Ringgit slips against US$ as Fed seen delaying rate cuts
KUALA LUMPUR: The ringgit opened lower against the US dollar on Thursday, as expectations dimmed for a near-term rate cut by the US Federal Reserve (Fed), an analyst said. At 8 am, the local note declined to 4.2300/2650 against the greenback from Wednesday's close of 4.2215/2275. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US Dollar Index (DXY) rose 0.36 per cent to 99.875, after minutes from the Federal Open Market Committee (FOMC) signalled that rising stagflation risks could delay monetary easing this year. "It appears the Fed is concerned about the risks posed by persistently high inflation, despite weak job growth prospects. "The impression is that the Fed may be reluctant to cut the federal funds rate to support growth, presenting a policy dilemma, as it must also ensure that inflation remains under control,' he told Bernama. Citing the recent FOMC minutes, Mohd Afzanizam said the risk of a US recession has increased, as uncertainties over trade policies and export restrictions could impede economic activity. Hence, at the upcoming FOMC meeting in June, the Fed staff is expected to release a revised set of macroeconomic forecasts, with a downward adjustment from the March projections appearing likely, he added. At the opening, however, the ringgit traded higher against a basket of major currencies. It rose against the Japanese yen to 2.8998/9240 from Wednesday's close of 2.9271/9315, gained vis-à-vis the euro to 4.7494/7887 from 4.7838/7906, and appreciated against the British pound to 5.6779/7249 from 5.7028/7109. The local note, meanwhile, traded mixed against its ASEAN peers. It strengthened against the Singapore dollar to 3.2674/2950 from 3.2776/2825 on Wednesday, and advanced against the Thai baht to 12.8771/9947 from 12.9355/9614. However, it edged lower versus the Indonesian rupiah to 259.5/261.8 from 259.0/259.5, and declined vis-à-vis the Philippine peso to 7.62/7.69 from 7.60/7.62. - Bernama
Daily Express
3 days ago
- Business
- Daily Express
Ringgit slips against US dollar as Fed seen delaying rate cuts
Published on: Thursday, May 29, 2025 Published on: Thu, May 29, 2025 By: Bernama Text Size: At 8 am, the local note declined to 4.2300/2650 against the greenback from Wednesday's close of 4.2215/2275. Kuala Lumpur: The ringgit opened lower against the US dollar on Thursday, as expectations dimmed for a near-term rate cut by the US Federal Reserve (Fed), an analyst said. At 8 am, the local note declined to 4.2300/2650 against the greenback from Wednesday's close of 4.2215/2275. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US Dollar Index (DXY) rose 0.36 per cent to 99.875, after minutes from the Federal Open Market Committee (FOMC) signalled that rising stagflation risks could delay monetary easing this year. 'It appears the Fed is concerned about the risks posed by persistently high inflation, despite weak job growth prospects. 'The impression is that the Fed may be reluctant to cut the federal funds rate to support growth, presenting a policy dilemma, as it must also ensure that inflation remains under control,' he told Bernama. Citing the recent FOMC minutes, Mohd Afzanizam said the risk of a US recession has increased, as uncertainties over trade policies and export restrictions could impede economic activity. Advertisement Hence, at the upcoming FOMC meeting in June, the Fed staff is expected to release a revised set of macroeconomic forecasts, with a downward adjustment from the March projections appearing likely, he added. At the opening, however, the ringgit traded higher against a basket of major currencies. It rose against the Japanese yen to 2.8998/9240 from Wednesday's close of 2.9271/9315, gained vis-à-vis the euro to 4.7494/7887 from 4.7838/7906, and appreciated against the British pound to 5.6779/7249 from 5.7028/7109. The local note, meanwhile, traded mixed against its ASEAN peers. It strengthened against the Singapore dollar to 3.2674/2950 from 3.2776/2825 on Wednesday, and advanced against the Thai baht to 12.8771/9947 from 12.9355/9614. However, it edged lower versus the Indonesian rupiah to 259.5/261.8 from 259.0/259.5, and declined vis-à-vis the Philippine peso to 7.62/7.69 from 7.60/7.62. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Malay Mail
3 days ago
- Business
- Malay Mail
Ringgit slips against US dollar as US Fed flags inflation worries
KUALA LUMPUR, May 29 — The ringgit opened lower against the US dollar on Thursday, as expectations dimmed for a near-term rate cut by the US Federal Reserve (Fed), an analyst said. At 8 am, the local note declined to 4.2300/2650 against the greenback from Wednesday's close of 4.2215/2275. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US Dollar Index (DXY) rose 0.36 per cent to 99.875, after minutes from the Federal Open Market Committee (FOMC) signalled that rising stagflation risks could delay monetary easing this year. 'It appears the Fed is concerned about the risks posed by persistently high inflation, despite weak job growth prospects. 'The impression is that the Fed may be reluctant to cut the federal funds rate to support growth, presenting a policy dilemma, as it must also ensure that inflation remains under control,' he told Bernama. Citing the recent FOMC minutes, Mohd Afzanizam said the risk of a US recession has increased, as uncertainties over trade policies and export restrictions could impede economic activity. Hence, at the upcoming FOMC meeting in June, the Fed staff is expected to release a revised set of macroeconomic forecasts, with a downward adjustment from the March projections appearing likely, he added. At the opening, however, the ringgit traded higher against a basket of major currencies. It rose against the Japanese yen to 2.8998/9240 from Wednesday's close of 2.9271/9315, gained vis-à-vis the euro to 4.7494/7887 from 4.7838/7906, and appreciated against the British pound to 5.6779/7249 from 5.7028/7109. The local note, meanwhile, traded mixed against its ASEAN peers. It strengthened against the Singapore dollar to 3.2674/2950 from 3.2776/2825 on Wednesday, and advanced against the Thai baht to 12.8771/9947 from 12.9355/9614. However, it edged lower versus the Indonesian rupiah to 259.5/261.8 from 259.0/259.5, and declined vis-à-vis the Philippine peso to 7.62/7.69 from 7.60/7.62. — Bernama
The Sun
3 days ago
- Business
- The Sun
Ringgit slips against US dollar as Fed seen delaying rate cuts
KUALA LUMPUR: The ringgit opened lower against the US dollar on Thursday, as expectations dimmed for a near-term rate cut by the US Federal Reserve (Fed), an analyst said. At 8 am, the local note declined to 4.2300/2650 against the greenback from Wednesday's close of 4.2215/2275. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US Dollar Index (DXY) rose 0.36 per cent to 99.875, after minutes from the Federal Open Market Committee (FOMC) signalled that rising stagflation risks could delay monetary easing this year. 'It appears the Fed is concerned about the risks posed by persistently high inflation, despite weak job growth prospects. 'The impression is that the Fed may be reluctant to cut the federal funds rate to support growth, presenting a policy dilemma, as it must also ensure that inflation remains under control,' he told Bernama. Citing the recent FOMC minutes, Mohd Afzanizam said the risk of a US recession has increased, as uncertainties over trade policies and export restrictions could impede economic activity. Hence, at the upcoming FOMC meeting in June, the Fed staff is expected to release a revised set of macroeconomic forecasts, with a downward adjustment from the March projections appearing likely, he added. At the opening, however, the ringgit traded higher against a basket of major currencies. It rose against the Japanese yen to 2.8998/9240 from Wednesday's close of 2.9271/9315, gained vis-à-vis the euro to 4.7494/7887 from 4.7838/7906, and appreciated against the British pound to 5.6779/7249 from 5.7028/7109. The local note, meanwhile, traded mixed against its ASEAN peers. It strengthened against the Singapore dollar to 3.2674/2950 from 3.2776/2825 on Wednesday, and advanced against the Thai baht to 12.8771/9947 from 12.9355/9614. However, it edged lower versus the Indonesian rupiah to 259.5/261.8 from 259.0/259.5, and declined vis-à-vis the Philippine peso to 7.62/7.69 from 7.60/7.62.
